The dollar fell to a three-week low against the euro after U.S. economic data published revived hopes for an extension of ultra-soft monetary policy. As it became known, the GDP growth in the first quarter was revised down to 2.4%, although it was expected that the rate will remain unchanged at 2.5%. Further, the number of initial claims for unemployment benefits rose last week from a revised 344 thousand to 354 thousand and exceeded expectations - the inability of the index to stabilize at least at the level of 300 thousand can not be expected to adequately reduce unemployment, and in this regard in the U.S. market a wave of hope for the continuation of QE in the foreseeable future.

The yen rose against the dollar after Reuters reported that the Japanese public pension fund is considering changes to its portfolio management strategy to allow investment in Japanese stocks rise along with the growing market. It may have only a consequence of the recently observed a strong correlation between the index and the Nikkei pair dollar / yen. This is not exactly a new strategy of Japanese investors, but given the high profile given to the correlation between the yen and the Nikkei index at the present time, it makes sense.

The Canadian dollar strengthened against the U.S. dollar after the data, according to which the results of last quarter's balance of payments deficit has declined markedly, thereby exceeded the forecasts of most experts, which was associated with a decrease in the deficit of goods and services. According to the report, the seasonally adjusted current account deficit declined in the first quarter to a level of 14.09 billion Canadian dollars ($ 13,610 billion), compared with a revised downwards figure for the fourth quarter at 14.63 billion Canadian dollars. It is worth noting that, according to the average forecast of economists, the negative balance of payments to be reduced to the level of 15.3 billion, compared with the initial estimate for the last quarter of 2012 in the amount of 17.26 billion Canadian dollars. In addition, we add that another report from Statistics showed that Canadian monthly producer prices in April fell largest rate since December 2011, the head of which was a fall in oil prices and coal products. According to the report, the price index for industrial production decreased by 0.8%, showing the first decline since November 2012. According to estimates, the index would rise by 0.1%.

European stocks climbed, rebounding from a three-week low, as investors weighed data on U.S. economic growth and house sales to gauge the Federal Reserve's view on continuing stimulus measures.

National benchmark indexes climbed in eight of the 17 western-European markets that were open today. The U.K.'s FTSE 100 rose 0.5 percent, while Germany's DAX added 0.8 percent and France's CAC 40 gained 0.6 percent. Trading in Vienna was closed for a holiday.

Lonmin led a rally in precious-metal producers, climbing 5.9 percent to 287 pence in London. Fresnillo advanced 6.2 percent to 1,156 pence, for its biggest advance in six weeks, and Randgold Resources Ltd gained 5.8 percent to 5,225 pence.

Pirelli & C. SpA climbed 3.1 percent to 8.86 euros after Goldman Sachs Group Inc upgraded Europe's third-largest tiremaker to neutral from sell, citing valuations.

Faurecia, which makes car interiors, added 3.8 percent to 16.97 euros after Goldman added the company to its "conviction buy" list.

West Texas Intermediate crude rebounded from a four-week low as a report showing that the U.S. economy grew at a slower pace in the first quarter than previously estimated spurred speculation the Federal Reserve would maintain stimulus measures.

Futures rose along with equities and gold. The dollar fell to a three-week low against the euro. Earlier, crude tumbled as much as 1.6 percent on the Commerce Department report, which showed U.S. gross domestic product rose at a 2.4 percent annualized rate, less than the 2.5 percent initially reported. The median forecast in a survey was for no revision.

WTI crude for July delivery advanced 36 cents, or 0.4 percent, to $93.49 a barrel at 11:41 a.m. on the New York Mercantile Exchange. Oil touched $91.65, the lowest level since May 2. The volume of all futures traded was 20 percent above the 100-day average for this time of day.

Brent oil for July settlement dropped 3 cents to $102.40 a barrel on the London-based ICE Futures Europe exchange. Volume for all contracts was 13 percent lower than the 100-day average. The European benchmark grade traded at a $8.91 premium to WTI. The spread was $8.89 yesterday, the widest based on closing prices since May 15.

The Standard & Poor’s 500 Index gained 0.6 percent, and the Dow Jones Industrial Average increased 0.4 percent. Gold climbed as much as 1.9 percent.

The dollar fell as much as 0.9 percent against the euro. A weaker dollar and stronger euro boost commodities’ appeal as an alternate investment.

Earlier, futures maintained losses after the Energy Information Administration reported that U.S. stockpiles climbed 3 million last week to 397.6 million, the highest level since 1931.

Gold prices rose to two-week high thanks to the downturn in the Asian stock market, but the precious metal is still at risk of losing appeal as a safe asset amid fears of incentive programs to reduce the Fed.

Since the beginning of the year, spot prices have decreased by 16 percent in April after falling to two-year low, due to signs of improvement in the global economy and fears that central banks start tightening policy.

High premiums for bullion in Asia suggests that jewelers and individual investors are willing to buy gold at lower prices. Premiums in Singapore rose to a record $ 7 an ounce to the spot price in London due to insufficient supply.

Gold demand in Asia will be a record in the second quarter, as buyers in the region acquire the metal entering the market as a result of inventory reduction ETFs (ETF), said on Wednesday the World Gold Council.

The cost of the June gold futures on COMEX today rose to 1417.50 dollars an ounce.

EUR/USD $1.2820, $1.2840, $1.2850, $1.2860, $1.2885, $1.2900, $1.2925, $1.2975, $1.2990, $1.3000

USD/JPY Y99.00, Y99.50 Y100.00, Y100.75, Y101.00, Y102.40, Y102.90

GBP/USD $1.5100

USD/CHF Chf0.9650

EUR/CHF Chf1.2350, Chf1.2400, Chf1.2600

AUD/USD $0.9625, $0.9725, $0.9800, $0.9900

U.S. stock futures rose after reports showed the economy grew less than forecast last quarter and jobless claims rose unexpectedly.

Global Stocks:

Nikkei 13,589.03 -737.43 -5.15%

Hang Seng 22,484.31 -70.62 -0.31%

Shanghai Composite 2,317.75 -6.27 -0.27%

FTSE 6,636.68 +9.51 +0.14%

CAC 4,003.15 +29.03 +0.73%

DAX 8,379.73 +43.15 +0.52%

Crude oil $92.59 -0.58%

Gold $1406.80 +1.11%

Data

01:30 Australia Private Capital Expenditure Quarter I -1.2% +0.7% -4.7%

01:30 Australia Building Permits, m/m April -5.5% +4.1% +9.1%

01:30 Australia Building Permits, y/y April +3.9% +22.5% +27.3%

05:45 Switzerland Gross Domestic Product (QoQ) Quarter I +0.2% +0.2% +0.6%

05:45 Switzerland Gross Domestic Product (YoY) Quarter I +1.4% +1.0% +1.1%

06:00 United Kingdom Nationwide house price index May 0.0% +0.5% +0.4%

06:00 United Kingdom Nationwide house price index, y/y May +0.9% +0.9% +1.1%

09:00 Eurozone Business climate indicator May -0.93 -0.85 -0.76

09:00 Eurozone Economic sentiment index May 88.6 89.4 89.4

09:00 Eurozone Industrial confidence May -13.8 -13.0 -13.0

Value of the dollar rose sharply against the euro, which has happened in the last couple of hours, but in spite of this, the European currency is still trading on the rise.

It should be noted that the first half of the day on the dynamics of trade affected by the data from the European Commission, which showed that businesses and consumers in 17 countries of the euro area were less pessimistic about their prospects, showing a first improving sentiment in February, although this increase is unlikely to herald a significant rise of economic growth in the coming months.

According to the report, in May, the index of sentiment in the economy, which integrates research businesses and consumers across the euro zone, rose to 89.4, up from 88.6 in April, which is fully consistent with forecasts of experts. Add that, and recent surveys of purchasing managers also forced to assume that the economic downturn in the euro zone may be less in the second quarter. If this growth continues, the growth in confidence will lead to increased spending by consumers and businesses, which will also contribute to a return to growth at the end of this year. However, it is worth noting that the index of sentiment in the economy remains below the average of 100.00 since 1990.

The European Commission also reported that the increase in confidence was distributed by the largest economies of the eurozone: the greatest increase was seen in Italy and the Netherlands. Slovakia and Finland were the only countries-members of the euro zone, which recorded a loss of confidence.

However, despite the early growth, the euro is losing ground against the expected publication of U.S. GDP data and the number of initial claims for unemployment insurance.

The Australian dollar retreated from earlier reached the maximum values ​​at the same time approaching to session lows. It should be noted that the dynamics of trade have influenced the data, which were published today by Statistics Australia. As it became known, last month the number of building permits rose 0.4 percent in March after declining by 1.2 percent. It is also worth noting that the seasonally adjusted in April, the number of building permits rose 9.1 percent after falling 5.5 percent in March.

In addition, the data showed that the number of permits for the construction of private homes increased by 1 percent, which was the fifth consecutive monthly increase. With seasonal correction in April, the number of building permits for private homes rose 2.5 per cent, registering a fourth consecutive monthly increase. The number of building permits without homes rose in April to 18.0 percent, after falling 9.9 percent in March. In seasonally adjusted number of building permits without homes fell by 8.3 percent, after rising 1.3 percent the previous month. Cost approved for construction of facilities has increased in April by 1.2 percent, which was the 15-month increase in a row. The cost of approved homes rose 0.1 percent after declining for three months. The cost of approved non-residential buildings increased by 2.7 per cent, showing a sixth consecutive monthly increase.

The yen has fallen sharply, despite growth in early trading. Some attribute this momentum with the message that the Japanese public pension fund is considering changes to its portfolio management strategy to allow investment in Japanese stocks rise along with the growing market. It may have only a consequence of the recently observed a strong correlation between the index and the Nikkei pair dollar / yen. This is not exactly a new strategy of Japanese investors, but given the high profile given to the correlation between the yen and the Nikkei index at the present time, it makes sense. According to analysts, a maximum of 101.45 reached before the current session will be the next resistance above which placed stop orders.

EUR / USD: during the European session, the pair rose to $ 1.3007, and then fell to $ 1.2939

GBP / USD: during the European session, the pair rose to $ 1.5196, but later fell to $ 1.5111

USD / JPY: during the European session, the pair rose to Y101.81

At 12:30 GMT Canada will announce the balance of the current account of balance of payments for the 1st quarter and the index of commodity prices for April. Also, this time in the U.S. are refined data on GDP growth in Q1, the GDP price index for the 1st quarter, the index of personal consumption expenditures in Q1 and the main index of personal consumption expenditures in Q1. At 14:00 GMT the U.S. will report on changes in the volume of pending home sales for April. At 23:01 GMT UK release indicator from GfK consumer confidence for May. At 23:30 GMT Japan will announce to the change in the level of household spending in April, and will release the consumer price index for May and Tokyo Consumer Price Index for April. At 23:50 GMT Japan will be released preliminary data on industrial production for April.

EUR/USD

Offers $1.3085/90, $1.3050/55, $1.3020, $1.3006

Bids $1.2960/50, $1.2910/895, $1.2855/50, $1.2838

GBP/USD

Offers $1.5280/85, $1.5260/65, $1.5240/50, $1.5210/20, $1.5190/200

Bids $1.5105/095, $1.5085/75, $1.5050, $1.5025/20, $1.5000

AUD/USD

Offers $0.9840/45, $0.9800, $0.9775/80, $0.9750, $0.9740/45, $0.9720, $0.9695/00

Bids $0.9630/20, $0.9585/80, $0.9550, $0.9545/40, $0.9500

EUR/JPY

Offers Y132.15 28, Y132.00, Y131.71 29, Y131.40/50, Y131.15/20

Bids Y130.50/45, Y130.00, Y129.59, Y129.50, Y129.20/15

USD/JPY

Offers Y102.00, Y101.80, Y101.40/50, Y101.15/20, Y100.90/00

Bids Y100.20, Y100.00, Y99.80, Y99.50

EUR/GBP

Offers stg0.8650/60, stg0.8620, stg0.8595/600, stg0.8568

Bids stg0.8535/30, stg0.8470, stg0.8445/40

European stocks climbed, rebounding from a three-week low, before U.S. reports that may help gauge the strength of the world's largest economy. U.S. index futures were little changed, while Asian shares retreated.

The Stoxx Europe 600 Index added 0.2 percent to 303.14 at 9:46 a.m. in London. Contracts on the Standard & Poor's 500 Index lost 0.2 percent. The Stoxx 600 dropped 1.9 percent yesterday amid concern in the U.S. Treasury market that the Fed will begin to taper bond purchases as the world's largest economy strengthens. The gauge is still heading for a 2.2 percent advance in May for a 12th straight month of gains. The volume of shares changing hands in companies listed on the Stoxx 600 was 17 percent lower than the average of the past 30 days, according to data.

U.S. data today may show an index of pending house sales increased 1.5 percent in April, matching the gain the previous month, economists forecast ahead of a report from the National Association of Realtors. The Commerce Department will release revised data that may show the U.S. economy grew at a 2.5 percent annualized rate in the first quarter, the same as estimated last month.

Kazakhmys gained 2.9 percent to 344 pence and Glencore increased 2.4 percent to 335.5 pence. A gauge of mining companies was the best performer among the 19 industry groups in the Stoxx 600.

Pirelli advanced 3.3 percent to 8.88 euros after Europe's third-largest tiremaker was upgraded to neutral from sell by Goldman Sachs, which said automotive-related stocks in Europe are attractive because of their low valuations. Faurecia, which makes car interiors, increased 3.2 percent to 16.87 euros after Goldman added the company to its "conviction buy" list.

Renault SA declined 1.5 percent to 58.79 euros after Goldman Sachs downgraded France's second-biggest carmaker to sell from neutral.

FTSE 100 6,628.65 +1.48 +0.02%

CAC 40 3,990.76 +16.64 +0.42%

DAX 8,349.76 +13.18 +0.16%

EUR/USD $1.2820, $1.2840, $1.2850, $1.2860, $1.2885, $1.2900, $1.2925, $1.2975, $1.2990, $1.3000

USD/JPY Y99.00, Y99.50 Y100.00, Y100.75, Y101.00, Y102.40, Y102.90

GBP/USD $1.5100

USD/CHF Chf0.9650

EUR/CHF Chf1.2350, Chf1.2400, Chf1.2600

AUD/USD $0.9625, $0.9725, $0.9800, $0.9900

Asian stocks retreated, with the regional benchmark index heading for its first monthly decline in seven months, as commodities fell and the yen traded near a three-week high.

Nikkei 225 13,589.03 -737.43 -5.15%

S&P/ASX 200 4,930.7 -44.03 -0.89%

Shanghai Composite 2,317.2 -6.82 -0.29%

Honda Motor Co., which gets 46 percent of sales from North America, slid 3 percent on concern a stronger yen will damp the earnings outlook for Japanese exporters.

BHP Billiton Ltd., the world's biggest mining company and Australia's No. 1 oil producer, lost 1.6 percent after crude and copper futures dropped.

Langham Hospitality Investments Ltd. slumped 9.2 percent on the hotel operator's first trading day in Hong Kong.

01:30 Australia Private Capital Expenditure -1.2% +0.7% -4.7%

01:30 Australia Building Permits, m/m -5.5% +4.1% +9.1%

01:30 Australia Building Permits, y/y +3.9% +22.5% +27.3%

The Dollar Index was about 1 percent from the almost three-year high reached earlier this month ahead of U.S. data on first-quarter growth today. The U.S. Commerce Department is likely to say today the world's biggest economy grew at an annualized 2.5 percent pace in the first quarter, according to the median forecast of economists surveyed by Bloomberg News. That would be unchanged from the preliminary reading released last month.

The yen held gains after data showed Japanese were net sellers of foreign debt for a second week. Japanese investors sold a net 1.12 trillion yen ($11 billion) of foreign bonds in the week ended May 24, the most since the period ended April 5. They sold 800 billion yen of overseas debt in the week through May 17. The nation's 10-year bond yields climbed to a more than one-year high of 1 percent last week from 0.55 percent on April 3, the day before the Bank of Japan announced a plan to double monthly bond purchases. They fell 3 1/2 basis points today to 0.90 percent.

Australia's dollar rallied after data showed an unexpected gain in building permits. In Australia, building approvals rose 9.1 percent in April from the previous month, when they decreased 5.5 percent, the statistics bureau said today. The median estimate of economists in a Bloomberg News survey was for a 4 percent increase. The Aussie briefly fell after separate government data showed capital expenditures unexpectedly dropped. Spending declined 4.7 percent in the first quarter from the previous three-month period. That compared with a 0.5 percent increase predicted by economists.

EUR / USD: during the Asian session the pair rose to the day's high

GBP / USD: during the Asian session the pair rose above $ 1.5150

USD / JPY: during the Asian session the pair is trading around Y101.00

UK Nationwide house price data due for release at 0600GMT though focus for direction expected to be on end month flows. Euro area confidence data at 0900GMT provides the domestic highlight this morning, followed this afternoon by the US Q1 GDP second read.

Resistance 3: Y102.50 (May 29 high)

Resistance 2: Y102.00 (MA (200) H1)

Resistance 1: Y101.55 (session high)

Current price: Y101.08

Support 1: Y100.60 (session low)

Support 2: Y100.00 (psychological level, MA (200) H1)

Support 3: Y99.45 (May 6 high)

Change % Change Last

GOLD 1,392.90 14.00 1.02%

OIL (WTI) 93.15 -1.86 -1.96%

Change % Change Last

Nikkei 225 14,326.46 +14.48 +0.10%

S&P/ASX 200 4,974.7 +4.05 +0.08%

Shanghai Composite 2,325.2 +3.89 +0.17%

FTSE 100 6,627.17 -134.84 -1.99 %

CAC 40 3,974.12 -76.44 -1.89 %

DAX 8,336.58 -144.29 -1.70 %

DJIA 15,302.80 -106.59 -0.69%

S&P 500 1,648.37 -11.69 -0.70%

NASDAQ 3,467.51 -21.37 -0.61%

(pare/closed(00:00 GMT +02:00)/change, %)

EUR/USD $1,2939 +0,65%

GBP/USD $1,5126 +0,64%

USD/CHF Chf0,9618 -1,37%

USD/JPY Y101,13 -1,07%

EUR/JPY Y130,89 -0,39%

GBP/JPY Y152,96 -0,41%

AUD/USD $0,9633 +0,73%

NZD/USD $0,8101 +0,36%

USD/CAD C$1,0349 -0,57%

01:30 Australia Private Capital Expenditure -1.2% +0.7% -4.7%

01:30 Australia Building Permits, m/m -5.5% +4.1% +9.1%

01:30 Australia Building Permits, y/y +3.9% +22.5% +27.3%

05:45 Switzerland Gross Domestic Product (QoQ) +0.2% +0.2%

05:45 Switzerland Gross Domestic Product (YoY) +1.4% +1.0%

06:00 United Kingdom Nationwide house price index -0.1% +0.5%

06:00 United Kingdom Nationwide house price index, y/y +0.9% +0.9%

09:00 Eurozone Business climate indicator -0.93 -0.85

09:00 Eurozone Economic sentiment index 88.6 89.4

09:00 Eurozone Industrial confidence -13.8 -13.0

12:30 Canada Industrial Product Prices, m/m +0.1% +0.1%

12:30 U.S. Initial Jobless Claims 340 342

12:30 Canada Raw Material Price Index -1.7% -0.7%

12:30 Canada Current Account, bln -17.3 -15.3

12:30 U.S. PCE price index, q/q +3.2% +3.2%

12:30 U.S. PCE price index ex food, energy, q/q +1.2% +1.2%

12:30 U.S. GDP, q/q +2.5% +2.5%

14:00 U.S. Pending Home Sales (MoM) +1.5% +1.3%

15:00 U.S. Crude Oil Inventories -0.3

23:01 United Kingdom Gfk Consumer Confidence -27 -25

23:15 Japan Manufacturing PMI 51.1

23:30 Japan Unemployment Rate 4.1% 4.1%

23:30 Japan Household spending Y/Y +5.2% +3.1%

23:30 Japan Tokyo Consumer Price Index, y/y -0.7% -0.4%

23:30 Japan Tokyo CPI ex Fresh Food, y/y -0.3% -0.2%